Bitcoin's jump across the creek & through the fresh supply zone?
Good Monday morning, traders. Bitcoin has retained its bullishness throughout the weekend and into this morning as it targeted the upper large green box (fresh supply zone) for the first time. Each push into this box decreases its strength just as it did with the green box around $6800. A breach of the top of this box should see price targeting the mid-$9000s according to the weekly chart. Current BTC dominance is at 46% which means we now have a bullish trend since January (higher lows and highs). BTC dominance is most often the precursor to a BTC bull run. As alts continue to bleed, this looks more and more like what is happening, but we have to continue trading based on the charts and not our opinions.
Friday, I spoke of the varying possibilities of price movement due to the particular area it was in and the volume + price action. Ultimately, we saw price dip down into the small green box for a low of $7221 and rebound higher. While my subwave iv target was a bit lower, I did mention that it was possible (as I had stated multiple times during the previous days) that we may only see a retracement toward that box which would actually complete wave 4 and begin wave 5. Price then hit my subwave v target, but it appears that we may have been reaccumulating through the weekend and price is now readying itself for a potential jump across the creek. Bullishness appears to really be kicking in as the retail market senses the possibility of continued price appreciation. As a result, we see accelerating volume during these upward movements and decelerating volume during the downward movements. Additionally, I mentioned that price may be printing a diamond pattern on Friday. This appears to have been the case which means we should see price targeting the ascending resistance line of that pattern which is likely to take us above the supply zone.
Currently, price is printing a pennant right below the supply zone on the 4H chart (this could potentially become a flag with the lows targeting that ascending dotted line). As I mentioned, this may be price readying for a jump across the creek which should see price accelerate through this zone. While many people are calling for a pullback first, and that would initially make the most logical sense, it seems to me that we may have already had our pullback when price hit that small green box around $7200. If this is the case, then the $8400/$8500 area would be the target as I have been suggesting for the past week or so and would complete the larger Wave 1. We would then see a retracement for Wave 2 which should target this supply zone (that will have turned into a demand zone), the descending resistance line of the large wedge, and the top of the daily cloud. This would also be mimicking the April movement through around April 20th. I'm not convinced which way price will go at the moment, however, since that supply zone is filled with orders. We could see price drop toward the small light green box around $7500 at least if it does not push through the supply zone above it.
I'm often updating my thoughts via our live streams and TA-only videos 2x daily, Monday-Friday. TV won't allow me to explicitely link it here but you can find us across social media where you can find the link.
Friday, I spoke of the varying possibilities of price movement due to the particular area it was in and the volume + price action. Ultimately, we saw price dip down into the small green box for a low of $7221 and rebound higher. While my subwave iv target was a bit lower, I did mention that it was possible (as I had stated multiple times during the previous days) that we may only see a retracement toward that box which would actually complete wave 4 and begin wave 5. Price then hit my subwave v target, but it appears that we may have been reaccumulating through the weekend and price is now readying itself for a potential jump across the creek. Bullishness appears to really be kicking in as the retail market senses the possibility of continued price appreciation. As a result, we see accelerating volume during these upward movements and decelerating volume during the downward movements. Additionally, I mentioned that price may be printing a diamond pattern on Friday. This appears to have been the case which means we should see price targeting the ascending resistance line of that pattern which is likely to take us above the supply zone.
Currently, price is printing a pennant right below the supply zone on the 4H chart (this could potentially become a flag with the lows targeting that ascending dotted line). As I mentioned, this may be price readying for a jump across the creek which should see price accelerate through this zone. While many people are calling for a pullback first, and that would initially make the most logical sense, it seems to me that we may have already had our pullback when price hit that small green box around $7200. If this is the case, then the $8400/$8500 area would be the target as I have been suggesting for the past week or so and would complete the larger Wave 1. We would then see a retracement for Wave 2 which should target this supply zone (that will have turned into a demand zone), the descending resistance line of the large wedge, and the top of the daily cloud. This would also be mimicking the April movement through around April 20th. I'm not convinced which way price will go at the moment, however, since that supply zone is filled with orders. We could see price drop toward the small light green box around $7500 at least if it does not push through the supply zone above it.
I'm often updating my thoughts via our live streams and TA-only videos 2x daily, Monday-Friday. TV won't allow me to explicitely link it here but you can find us across social media where you can find the link.
